US EditionOil prices spike as key shipping route disrupted by Iran attacks
- On Sunday, March 1, 2026, Brent crude climbed 13% to $82 a barrel in early trading in Asia after Iran attacked ships passing through the Strait of Hormuz.
- Following reports of the killing of Supreme Leader Ali Khamenei, Iran responded with missile barrages, with analysts saying Iran viewed this as a bid for regime change.
- At least three tankers were damaged by missile and drone strikes with one seafarer killed, while about 170 containerships reported delays as owners halted sailings and rerouted Europe-bound vessels around Africa.
- Stock futures plunged with S&P 500 futures down 1.1%, Nasdaq 100 futures down 1.2%, and Dow futures falling more than 500 points, while gold rose almost 2% above $5,360 and retail petrol prices could rise 20 cents per gallon soon.
- Ajay Parmar of ICIS said, 'We expect prices to open much closer to US$100 a barrel and perhaps exceed that level if we see a prolonged outage of the Strait,' amid Rystad Energy's forecast of prices rising to about US$92 when trade opens, despite OPEC+ raising output by 206,000 barrels from April.
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385 Articles
News Dakota
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